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Recession will soon be history – Osinbajo

By on February 8, 2017

Acting President Yemi Osinbajo has assured Nigerians that the current recession will soon be over as the government is determined to put back the economy on a sound footing through diligent implementation of the recovery and growth plan.

In a statement yesterday, the acting president said the government is  committed to a continuous engagement with people to explain government policies as well as receive advice and criticism.

He said in a few paragraphs statement that “With complete focus on improving the economy every day, the recession will soon be history.”

“Cabinet Ministers have gone round 8 States so far holding town hall meetings, the most recent was yesterday in Ilorin. There will be more of such meetings in the other States that are yet to be visited.”

Meanwhile, presiding over a forum on economic Recovery and Growth Plan (NERGP) in Abuja, on Tuesday, the Acting President acknowledged that there is suffering in the land occasioned by the current economic downturn.

He pointed out that the years of deterioration and corruption cannot be remedied overnight.

Prof Osinbajo said that present conditions notwithstanding, it is the responsibility and duty of government to ensure that the economy is put back on a sound footing and the slide in economic fortunes arrested for the benefit of the people and the country.

Also assuring on government’s determination to diligently implement the Plan, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said major emphasis will be on implementation, monitoring and evaluation of the Plan as government intends to set up a specially staffed Delivery Unit to drive implementation.

He said the Plan being discussed is a medium-term Plan, which is expected to drive Nigeria to a minimum GDP growth rate of 7 per cent within the Plan period. “Our goal is to have an economy with low inflation, stable exchange rates, and a diversified and inclusive growth”.

He emphasised that the key to success lies in the seriousness of the execution aspect of the process, stating that the immediate execution priorities of the ERGP are Agriculture and food security; Energy (power and petroleum); Small Businesses and Industrialization and stabilizing the Macroeconomic Environment.

 

[DailyTrust]